A Business at a Glance
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Doximity, Inc.
DOCS
$4.1B
Mkt Cap
$20.42
-0.15%
Doximity, Inc. (DOCS) has a current P/E ratio of 18.4, compared to its historical median P/E of 56.1. The stock is currently considered Cheap based on its historical valuation range.
Doximity, Inc. (DOCS) has a 5-year average return on invested capital (ROIC) of 20.6%. This indicates strong capital allocation and a potential competitive advantage.
Doximity, Inc. (DOCS) has a market capitalization of $4.1B. It is classified as a mid-cap stock.
Doximity, Inc. (DOCS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 10.57%.
Based on historical P/E analysis, Doximity, Inc. (DOCS) appears cheap. The current P/E of 18.4 is 67% below its historical median of 56.1. The estimated fair value CAGR (P/E method) is 13.8%.
Doximity, Inc. (DOCS) operates in the Services-Computer Programming Services industry, within the Technology sector.
Doximity, Inc. (DOCS) reported annual revenue of $645 million in its most recent fiscal year, based on SEC EDGAR filings.
Doximity is the leading digital platform for U.S. medical professionals, with over two million registered members including more than 80% of U.S. physicians across all 50 states and specialties, over 60% of nurse practitioners and physician assistants, and over 90% of graduating medical students. The company operates a free-to-join platform that provides physicians and other healthcare professionals with digital tools for collaboration, clinical workflow management, telehealth, on-call scheduling, and access to medical news and research. Doximity generates revenue through three primary segments: Marketing Solutions (enabling pharmaceutical manufacturers and health systems to reach targeted medical professionals through digital content and peer connections), Hiring Solutions (providing digital recruiting capabilities to health systems and medical recruiting firms, including the Curative Talent staffing business), and Workflow Solutions (including telehealth via Dialer, on-call scheduling, and AI-powered clinical tools). The business model benefits from powerful network effects—as physician engagement increases with expanding platform tools, more members join and the platform becomes more valuable to pharmaceutical and health system customers seeking to interact with specific physician groups. The company has built a proprietary dataset combining member interactions with customized algorithms and clinical expertise, creating competitive advantages that would be difficult for competitors to replicate. More than 620,000 unique active providers used clinical workflow tools in the quarter ended March 31, 2025, with workflow active provider growth accelerating to approximately 30% year-over-year.
【AI investment and margin discipline】 Management is pursuing an "AI investment year" with deliberate monetization aligned to physician-first principles, having closed early deals with top 20 pharma manufacturers for AI Search products while forecasting minimal AI revenue contribution in fiscal 2027 to allow for wider R&D, compute, and marketing investments. The company expects overall HCP digital pharma advertising market growth to be modest, likely at or below 5%, with short-term demand soft and visibility limited, though second-half budget activity is beginning to materialize from brands initially cautious during upfront buying. Despite AI infrastructure investments and increased brand marketing spend, management remains committed to maintaining adjusted EBITDA margins in the high 40s or better in fiscal 2027, with stock-based compensation expected to increase to the low 20s as a percentage of revenue before trending back down starting in 2028. The company expects to end calendar 2026 with significantly better growth than where it started the year and to outgrow the market, with AI product commercialization expected to accelerate in the fiscal back half as the company taps into clients' innovation, upsell, and search budgets.
| Metric | Target | Period |
|---|---|---|
| Revenue | $151 million–$152 million | Q1 FY2027 |
| Adjusted EBITDA | $68.5 million–$69.5 million | Q1 FY2027 |
| Revenue | $664 million–$676 million | FY2027 |
| Adjusted EBITDA | $323 million–$335 million | FY2027 |
Revenue (Q1 FY2027): “For the first fiscal quarter of 2027, we expect a revenue range of $151 million-$152 million, representing 4% growth at the midpoint.”
Adjusted EBITDA (Q1 FY2027): “We expect adjusted EBITDA in the range of $68.5 million-$69.5 million, representing a 46% adjusted EBITDA margin.”
Revenue (FY2027): “For the full fiscal year, we expect revenue in the range of $664 million-$676 million, representing 4% growth at the midpoint.”
Adjusted EBITDA (FY2027): “We expect adjusted EBITDA in the range of $323 million-$335 million, representing a 49% adjusted EBITDA margin.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 645M | 645M | 570M | 475M | 419M | 344M |
| Net Income | 196M | 196M | 223M | 148M | 113M | 133M |
| EPS | $0.98 | $0.98 | $1.11 | $0.72 | $0.53 | $0.70 |
| Free Cash Flow | 326M | 326M | 273M | 184M | 178M | 125M |
| ROIC | 22.7% | 20.9% | 23.0% | 16.2% | 13.5% | 29.6% |
| Gross Margin | 71.4% | 71.4% | 72.4% | 66.3% | 62.1% | 63.2% |
| Debt/Equity | 0.01 | 0.01 | 0.17 | 0.20 | 0.18 | 0.13 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 215M | 215M | 228M | 164M | 125M | 114M |
| Operating Margin | 33.3% | 33.3% | 39.9% | 34.5% | 29.9% | 33.0% |
| ROE | 20.6% | 19.3% | 22.5% | 15.8% | 12.2% | 28.2% |
| Shares Outstanding | 200M | 200M | 201M | 205M | 213M | 190M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 116M | 207M | 344M | 419M | 475M | 570M | 645M | 645M |
| Gross Margin | 55.2% | 58.9% | 63.2% | 62.1% | 66.3% | 72.4% | 71.4% | 71.4% |
| R&D | 32M | 44M | 62M | 80M | 82M | 93M | 131M | 131M |
| SG&A | 7.4M | 16M | 36M | 37M | 38M | 46M | 65M | 65M |
| EBIT | 22M | 53M | 114M | 125M | 164M | 228M | 215M | 215M |
| Op. Margin | 19.0% | 25.8% | 33.0% | 29.9% | 34.5% | 39.9% | 33.3% | 33.3% |
| Net Income | 11M | 22M | 133M | 113M | 148M | 223M | 196M | 196M |
| Net Margin | 9.3% | 10.4% | 38.8% | 26.9% | 31.0% | 39.1% | 30.4% | 30.4% |
| Non-Recurring | 0 | 4.7M | 0 | 0 | 7.9M | 2.3M | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/M | 136.5% | 29.6% | 13.5% | 16.2% | 23.0% | 20.9% | 22.7% |
| ROE | -68.1% | 63.5% | 28.2% | 12.2% | 15.8% | 22.5% | 19.3% | 20.6% |
| ROA | N/A | 8.6% | 21.4% | 10.6% | 13.3% | 19.0% | 16.4% | 17.4% |
| Cash Flow | ||||||||
| Op. Cash Flow | 26M | 83M | 127M | 180M | 184M | 273M | 326M | 326M |
| Free Cash Flow | 26M | 83M | 125M | 178M | 184M | 273M | 326M | 326M |
| Owner Earnings | 23M | 72M | 90M | 121M | 123M | 190M | 190M | 190M |
| CapEx | 285K | 245K | 1.9M | 1.7M | 147K | 0 | 0 | 0 |
| Maint. CapEx | 900K | 3.7M | 5.0M | 10M | 10M | 11M | 14M | 14M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | N/A | N/A | 0 |
| D&A | 900K | 3.7M | 5.0M | 10M | 10M | 11M | 14M | 14M |
| CapEx/OCF | N/A | N/A | 1.5% | 0.9% | 0.1% | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 2.0M | 2.7M | 85M | 281M | 120M | 432M | 432M |
| Buyback Yield | 0.0% | N/A | 0.0% | 1.3% | 5.1% | 1.0% | 0.0% | 10.6% |
| Stock-Based Comp | 2.4M | 7.3M | 31M | 48M | 51M | 72M | 122M | 122M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -209M | -209M |
| Cash & Equiv. | 48M | 66M | 113M | 158M | 97M | 210M | 219M | 219M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10M |
| Debt/Equity | 4.45 | 1.55 | 0.13 | 0.18 | 0.20 | 0.17 | 0.01 | 0.01 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 1.1M | 67M | 879M | 966M | 901M | 1.1B | 951M | 951M |
| Total Assets | 0 | 252M | 991M | 1.1B | 1.1B | 1.3B | 1.1B | 1.1B |
| Total Liabilities | 5.1M | 104M | 113M | 171M | 178M | 182M | 173M | 173M |
| Intangibles | N/A | 9.6M | 7.9M | 32M | 27M | 23M | 35M | 35M |
| Retained Earnings | N/A | 36M | 191M | 218M | 80M | 187M | -51M | -51M |
| Working Capital | N/A | 107M | 793M | 836M | 766M | 932M | 789M | 789M |
| Current Assets | N/A | 209M | 904M | 975M | 913M | 1.1B | 944M | 944M |
| Current Liabilities | N/A | 102M | 111M | 140M | 147M | 156M | 155M | 155M |
| Per Share Data | ||||||||
| EPS | 0.13 | 0.23 | 0.70 | 0.53 | 0.72 | 1.11 | 0.98 | 0.98 |
| Owner EPS | 0.28 | 0.77 | 0.47 | 0.57 | 0.60 | 0.95 | 0.95 | 0.95 |
| Book Value | 0.01 | 0.71 | 4.62 | 4.54 | 4.40 | 5.38 | 4.75 | 4.75 |
| Cash Flow/Share | 0.31 | 0.89 | 0.66 | 0.84 | 0.90 | 1.36 | 1.63 | 1.05 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 83.3M | 93.7M | 190.4M | 212.9M | 205.0M | 201.1M | 200.1M | 200.1M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 70.0 | 59.4 | 37.4 | 52.7 | N/A | 20.8 |
| P/FCF | N/A | N/A | 74.8 | 37.7 | 30.0 | 43.1 | N/A | 12.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 18.0 |
| Price/Book | N/A | N/A | 10.6 | 6.9 | 6.1 | 10.9 | N/A | 4.3 |
| Price/Sales | N/A | N/A | 34.9 | 17.9 | 12.2 | 15.0 | N/A | 6.3 |
| FCF Yield | N/A | N/A | 1.3% | 2.7% | 3.3% | 2.3% | N/A | 8.0% |
| Market Cap | 0 | N/A | 9.3B | 6.7B | 5.5B | 11.8B | 0 | 4.1B |
| Avg. Price | 0.00 | N/A | 62.98 | 35.23 | 28.20 | 42.58 | 0.00 | 20.42 |
| Year-End Price | 0.00 | N/A | 49.00 | 31.50 | 26.91 | 58.51 | 0.00 | 20.42 |
Doximity, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Doximity, Inc. trades at 18.4x trailing earnings, compared to its 15-year median P/E of 56.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 10.2x vs a median of 40.4x. The company's 5-year average ROIC is 20.6% with a gross margin of 67.1%. Total shareholder yield (buybacks) is 10.6%. At current prices, the estimated annualized return to fair value is +18.1%.
Doximity, Inc. (DOCS) has a net profit margin of 30.4%. This is a strong margin indicating high profitability.
Doximity, Inc. (DOCS) generated $326 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Doximity, Inc. (DOCS) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
Doximity, Inc. (DOCS) reported earnings per share (EPS) of $0.98 in its most recent fiscal year.
Doximity, Inc. (DOCS) has a return on equity (ROE) of 19.3%. This indicates the company generates strong returns for shareholders.
Doximity, Inc. (DOCS) has a 5-year average gross margin of 67.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Doximity, Inc. (DOCS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Doximity, Inc. (DOCS) has a book value per share of $4.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is pursuing an "AI investment year" with deliberate monetization aligned to physician-first principles, having closed early deals with top 20 pharma manufacturers for AI Search products while forecasting minimal AI revenue contribution in fiscal 2027 to allow for wider R&D, compute, and marketing investments. The company expects overall HCP digital pharma advertising market growth to be modest, likely at or below 5%, with short-term demand soft and visibility limited, though second-half budget activity is beginning to materialize from brands initially cautious during upfront buying. Despite AI infrastructure investments and increased brand marketing spend, management remains committed to maintaining adjusted EBITDA margins in the high 40s or better in fiscal 2027, with stock-based compensation expected to increase to the low 20s as a percentage of revenue before trending back down starting in 2028. The company expects to end calendar 2026 with significantly better growth than where it started the year and to outgrow the market, with AI product commercialization expected to accelerate in the fiscal back half as the company taps into clients' innovation, upsell, and search budgets.
Based on recent SEC filings and earnings calls, Doximity, Inc. (DOCS) has provided the following forward guidance: Revenue: $151 million–$152 million (Q1 FY2027); Adjusted EBITDA: $68.5 million–$69.5 million (Q1 FY2027); Revenue: $664 million–$676 million (FY2027); Adjusted EBITDA: $323 million–$335 million (FY2027).